Terrible signing so far. If it brings LeBron to NY it will be a success, but until then (and it's unlikely that LeBron will sign in NY anyway)...
And to think that Amare was quoted, like, two months ago, saying the only thing that mattered to him was "winning" and that he would make his decision this summer according to this sole criteria. Yeah, Amare, I guess the Knicks have proven over the past 3 years (and even more, but let's keep it recent) that all they do is win a lot of games, great choice man!

Plus, it's foolish in my opinion to sign Amare to a max deal when you could basically get the same production (and even more production in terms of rebounding) by re-signing David Lee for a lower price. Sure, Lee's name isn't as attractive as Amare's but still, Lee is as good as a scorer as Amare and a better rebounder. And Lee isn't injury prone.
So, yeah, I think it's a terrible signing. It's a terrible gamble to sign Amare for 5 years when he has a history of shaky knees and various injuries. He plays no D, has questionable heart and mentality... and he is overrated.
I wouldn't be surprised at all (in fact, I expect it) to see Stoudemire's production drop off dramatically now that he won't have Nash to create him easy scoring opportunities. Remember Shawn Marion post-Nash? Not pretty...